How Can We Tell Whether Bitcoin Is Cheap or Expensive? Understanding MVRV

MVRV compares Bitcoin’s current market value with the market’s aggregate cost basis estimated from on-chain data. This post explains the difference between MVRV and the MVRV Z-Score, how they are calculated and interpreted, where to find them, and how to use them together with ETF fund flows.

Institutional Blockchain Adoption: Evidence from Besu and Canton

A financial institution’s participation in a blockchain project does not necessarily mean that it has fully adopted the network. This post examines Besu and Canton by separating official platform technology choices, participation in live transactions and issuance, and involvement in foundations and working groups, then sets out the evidence needed to evaluate institutional adoption.

How DTCC's Tokenization Initiative Is Rewiring Financial Market Infrastructure

DTCC’s securities tokenization initiative is not merely about trading stocks around the clock. It is an attempt to redesign the infrastructure through which securities, cash, and collateral move across U.S. capital markets. This post separates what DTCC has already implemented from what remains a longer-term scenario.

South Korea's Security Token (STO) Legislation and the Possibility of Public Node Participation

South Korea’s security token legislation does not explicitly prohibit public nodes or public blockchains. However, the node composition and no-separate-digital-asset requirements presented by the Financial Services Commission in 2023 effectively exclude the use of public, permissionless networks and assume a permissioned structure of institutional nodes. Because those standards were not directly incorporated into the 2026 amended legislation and were instead delegated to subordinate statutes, the final scope of public chain use will be determined through enforcement decrees and guidelines.

Tokenization Study in Major Financial Markets - Repo

On-chain infrastructure matters in short-term funding markets because it can make the movement of securities and cash easier to verify, reflect both sides of the transaction in shared records, and reduce the time before collateral can be reused.

Why Can't Asset Managers Freely Access Investor Records Held by Distributors?

The reason asset managers and other issuance-related institutions cannot freely access customer records held by account management institutions is not simply because issuers are considered untrustworthy.